Hybrid capital may no longer be welcome in the US and Europe but it is playing a valuable role in the emerging markets.

Ankara ought to reveal the source of a $15 billion windfall in its budget.

Lloyds’ bumper RMBS is good news but it doesn’t fix the market.

Investment bankers have always had a reputation for innovation – perhaps one they want to downplay right now. But a tour of the leading capital markets houses on Wall Street, almost a year to the day after the collapse of Lehman Brothers, gave the impression that they had learnt a new skill: the ability to bend time.

A flurry of announcements during September heralds the end of an era in US banking. The banks themselves will hope it also presages a new, calmer period for their own institutions and the financial markets.

China signals its intent for the yuan to become a reserve currency soon.

Agreement of new capital rules can’t come soon enough but speedy imposition of them might be dangerous for banks and the global economy.

The boom in the bond markets has quickly brought back some unwanted old habits.

Government policymakers and regulators around the world are striving to agree new rules to make the financial system safer. Euromoney has a few recommendations.

New government must be careful not to crank up the JGB machine too far.

Limited UBS agreement to disclose account details to IRS should not fatally damage the sector.

The collapse of the Gulf states’ investment boom suggests that they should look to the wider region as a target for their surpluses.

Ratings agencies may not use the First Amendment to protect themselves but they still won’t be successfully sued over every structured credit opinion.

A reversal of a change of strategy is likely to have a worse effect than if no change had been announced.

It would be foolish for any in the industry to dismiss those expressing outrage at the resumption of enormous bonus payments as mere populist political posturers. If firms can’t prevent themselves from offering such deals, then others must do it for them

Government disputes with foreign companies stymie exploitation of rich natural resources.

Corporate losses on foreign-currency hedging deals are resolvable but the road to agreement is difficult.

The rally in the financial markets does not necessarily mean there will be no more pain to come.

The difficulties in trying to marshal large numbers of disparate creditors will push more corporates into bankruptcy.

Privatization in Iran involves big transfers of stakes from one arm of the state to another, propping up the establishment and helping unbalance the economy.

The revival of developing world capital markets is encouraging but investors should exercise a little caution.

Lenient treatment of property assets acquired in debt-for-equity swaps shows regulators are still worried by systemic vulnerabilities.

IMF credit line brings into question robustness of country’s economy.

Re-remics salvage value from battered CMBS.

Emerging markets companies buying western assets must heed the lessons of Cemex and Tata Motors.

Firm’s role in AIA offering shows it is a player to reckon with in the region.

Financial troubles are plaguing some of the Gulf’s most prominent families.

The CDS market is hoping that the move to central clearing will silence its critics. It could be disappointed.

At the annual Euromoney Borrowers and Investors Forum last month, the great and the good of the sovereign, supranational and agency issuer community gathered in London to meet market participants.

Governments should cede control of fiscal policy.